The firm upgraded the stock’s rating from Hold to Buy and raised the company’s price target from $50 to $65. Jefferies’ report claims that “the market is [not] factoring in the magnitude of UA’s LT revenue growth potential.”
Under Armour could be looking at a profitable year as athletic apparel is growing faster than the general apparel market. The sportswear company has also grown in popularity with youths choosing Under Armour over every other athletic apparel brand not named Nike (NKE).
UA stock is up about 4.8% Wednesday afternoon. NKE stock is up close to 1%.
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